Whats HOT Right Now

HarryRenard · 11-12-2009, 09:28 AM

I am not asking for a specific client/case so I dont want to hear about suitability BUT I am interested in what products you have been offering.
I do currently sell annuities and I have the companies and products that I regularly use.

I just wanted to see what the HOt products are that I could be missing out on.

Currently I am writing most of my business with ING, LSW, Old Mutual, and Amer Equity (here & there).

Suggestions???????

TRSecurity · 11-12-2009, 10:18 AM

Income products sold by my fellow agents and myself lately: Income 125 (forethought), MasterDex X (allianz)

Frank Stastny · 11-12-2009, 10:27 AM

If you are selling annuities then you must have a group of clients who are 65 and older. You may want to talk to them about Med Supps.

Med Supps are a great way to get your "foot in the door" to cross sell other products like annuities, LTCi and FE.

0b1kanobee · 11-12-2009, 09:23 PM

I just found out about one through Great American that has a 5% bonus on EVERY premium for the first FIVE years. Current rate with bonus is 7.5% with a cap of 11% 100% participation on the indexed side.

Premiums can be made monthly.....Great for an IRA or ROTH if you ask me.......14 year product.....no downside risk

Pretty sweet if you ask me......................

And annuities are not just for old people GEESH!

insuranceexec · 11-12-2009, 09:46 PM

RBC & Legacy both have some neat income annuities.

American National has a good performance triggered annuity. 5.5% for 6 years with a ROP rider.

SunLife has a good accumulation annuity with good liquidity. I hope this helps............

Frank Stastny · 11-12-2009, 10:25 PM

Originally Posted by 0b1kanobee

And annuities are not just for old people GEESH!

I understand that! I didn't say they were.

However, there are a lot of agents who work the senior market that make quite a bit of money selling annuities to seniors.

Apparently you didn't read my post very carefully.

0b1kanobee · 11-12-2009, 10:46 PM

Frank, this is what you said "If you are selling annuities then you must have a group of clients who are 65 and older".

I have one client in my base that is over 65 out of about 20 but I also just started.

You used the word "must" ILO "maybe" or "most likely" or "perhaps" anyway, no big deal LOL

All is good

HarryRenard · 11-13-2009, 12:34 AM

Thank you Frank I know what you meant and YES it made sense. I do sell annuities and I do market to seniors of course anyone can buy one but it just so happends that seniors are the ones that tend to have more money laying around. I understand that younger people can have money but lets be honest the "younger people" looking for annuities are the exception not the rule.

And yes Frank I do sell med supps and I even have YIO v5.0 if you can believe it, I think I was one of the first few in the summer to get it and yes I love it.

Harry is not my name it's Justin if that helps.

And thanks insurexec I did look into american national my fmo does not work with them for some unknown reason. Thats why you always have to keep your eyes opened.

alphawave2k · 11-13-2009, 07:41 AM

Originally Posted by Frank Stastny

I understand that! I didn't say they were.

However, there are a lot of agents who work the senior market that make quite a bit of money selling annuities to seniors.

Apparently you didn't read my post very carefully.

I totally agree that annuities seem to be more appropriate for older folks, since they involve lower risk (obviously lower potential returns)..so they make perfect sense. On the other hand, even young whipper snappers who day trade (exaggeration here to make a point), could benefit from an"old boring annuity".
Moving down the risk profile, one could also take their chances for higher returns by investing in either indexes (probably not the right plural) or individual stocks, or options or futures. It wouldn't hurt anyone to take a small portion and sock it away into an annuity. You will always be building up equity in a tax deferred and tax-free ( I think that's right) vehicle.
With higher rewards, there is higher risk, and generally seniors need to be more conservative, when looking at the traditional portfolio model..
From personal experience, I can say that the financial markets are a very fine 2-edged sword....you can make a lot, but you can lose a lot as evidenced this past 18 months.
Folks sitting in annuities, lost nothing except perhaps slightly lower returns, but no loss of principal.. As I look back, I wish that I had invested in a small annuity when I was younger and could afford it, but alas, that time has past.
And the moral of the story is remember the tale of the "The Tortoise and the Hare". And another one that's close to my heart is Mark Twain's quote that "Youth is wasted on the young".
Alfredo

insuranceexec · 11-13-2009, 08:37 AM

Originally Posted by HarryRenard

And thanks insurexec I did look into american national my fmo does not work with them for some unknown reason. Thats why you always have to keep your eyes opened.

You are very welcome, Sir. Let me know if you would like some brochures.

JoeyRock58 · 11-13-2009, 02:44 PM

I had no idea that this forum was going to have this much information anything I want to know so far has already been posted. Thank all of you

JoeyRock58

Charpress · 11-13-2009, 04:43 PM

Annuities are not just for seniors, however...

If you sell an annuity to someone 50 and they run into a problem in 5 years and need to cash out, you had better have something in writing (and signed) proving you discussed the 10% penalty on top of the early withdrawal fees.

0b1kanobee · 11-13-2009, 07:45 PM

I have them initial every page of the app (IRS penalty is on one of those pages)...........along with all the signatures. I also say the penalty is "currently" 10% and I am not a "tax advisor" however I'm happy to field questions and have two full time CPA's on staff.

I let them know on any retirement vehicle there is almost always IRS penalty (in addition to surrender charges on annuities) for taking it out early with some exceptions......

The early withdrawal penalty does not apply to distributions that:

Occur because of the IRA owner's disability. (This can be a very narrow definition, so if you get a severe paper cut, don't consider a Roth IRA distribution for a disability until you review IRS Code Section 72(m)(7) and IRS Publication 590.)

Occur because of the IRA owner's death.

Are a series of "substantially equal periodic payments" made over the life expectancy of the IRA owner.

Are used to pay for unreimbursed medical expenses that exceed 7 1/2% of adjusted gross income (AGI).

Are used to pay medical insurance premiums after the IRA owner has received unemployment compensation for more than 12 weeks.

Are used to pay the costs of a first-time home purchase (subject to a lifetime limit of $10,000).

Are used to pay for the qualified expenses of higher education for the IRA owner and/or eligible family members.

Are used to pay back taxes because of an Internal Revenue Service levy placed against the IRA.

Here is a good article:

Roth IRA early withdrawals and penalties - Fool.com

insuranceexec · 11-13-2009, 09:31 PM

Originally Posted by 0b1kanobee

. I also say the penalty is "currently" 10% and I am not a "tax advisor" however I'm happy to field questions and have two full time CPA's on staff.

You must be doing pretty good to have 20 clients and 2 full time CPA's on staff.

Sounds like my kind of clients..........

0b1kanobee · 11-14-2009, 02:14 AM

Well there is over 60 agents. They are mainly there for the firm but we have access to them, which is a nice perk.

As long as we don't abuse the perk, it's all good.

Also a couple of certified financial planners. Thing is, if you go to most of the agents in the office for help on a case then they want in on the action.

Some, like me, aren't greedy like that. That's why I like the forum. Plus I also have to hope that the client likes the other agent if I bring them in on a case and if I don't care for them very much generally my client also won't.

One guy that helps me I like but he is working another part of the state so it is hard to schedule with him plus he works with older people mostly and I work more with younger people and "flow" not so much single premium.

HarryRenard · 11-14-2009, 05:51 PM

Originally Posted by insuranceexec

American National has a good performance triggered annuity. 5.5% for 6 years with a ROP rider.............

What is the comp on that?

And do you know if its available in Maryland?

Thanks

insuranceexec · 11-14-2009, 11:08 PM

Originally Posted by HarryRenard

What is the comp on that?

And do you know if its available in Maryland?

Thanks

I will check when I get to the office on Monday and let you know.

Top GA contract is 5% comp.

insuranceexec · 11-16-2009, 09:48 AM

Harry,

The product is available in the state of Maryland. Let me know if you need some brochures.

budfox7 · 11-19-2009, 12:46 AM

Originally Posted by insuranceexec

Harry,

The product is available in the state of Maryland. Let me know if you need some brochures.

Insuranceexec, I am thinking of going indy, I work for a wire right now, what marketing strategies do you use in order to get in front of qualified prospects. Thanks BudFox.